I remember reading about a study which proved that time in dreams is the same as time IRL. Sometimes you skip a period of time in your dreams, but the time you experience passing is the same as in the real world. Here's a quote from the article:

Dr. Stephen LaBerge, the world's foremost expert on lucid dreaming and a regular guest lecturer at Stanford Sleep and Dreams, put the scanning hypothesis to use in an ingeniously designed study in 1985 that attempted to figure out how dream time matched up with time in the waking world. To accomplish the task Dr. LaBerge called on the assistance of some highly skilled lucid dreamers (a lucid dream entails gaining consciousness within your own dream. Skilled lucid dreamers can then use this consciousness to control what happens in the dream). The lucid dreamers were first asked to estimate 10 seconds while awake. People in general tend to underestimate this count, reaching 10 a little faster than we should (even using the ol' faithful Mississippi technique!). The lucid dreamers ended up at something like 8.7 seconds. Then, once he had these numbers Dr. LaBerge and the dreamers devised a series of signals that they would use to communicate with each other while the dreamers were in the midst of their dream. For instance, when the dreamer first became lucid he would move his line of sight left, right, and left. This signal would show up on Dr. LaBerge's EOG recordings to be examined during the dream or afterwards. (Think about this! Consciously communicating with the waking world while dreaming! Amazing, huh?) Once the dreamer was lucid, he would eventually remember the task at hand--to count to 10, estimating 10 seconds in the dream world. The dreamer gave another eye signal--left, right, left, right--to communicate that he was starting to count, and then one final eye signal to communicate that he had reached 10--left, right, left, right. Sure enough, when Dr. LaBerge examined the EOG recordings the first eye movement signaling the start of counting and the second eye movement signaling the end were--you guessed it--about 8.7 seconds apart. It appears that time in the dream world moves at the same speed as time in the waking world.